Soa

embrace1204

Can someone please let me know if this SOA is acceptable? Is there anything I've forgotten? Thanks

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1850
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1850
Monthly Expense Details
Mortgage................................ 600
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 60
Gas..................................... 30
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 12
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 180
Clothing................................ 25
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 30
Buildings insurance..................... 18
Contents insurance...................... 10
Life assurance ......................... 52
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 1508

Assets
Cash.................................... 0
House value (Gross)..................... 118500
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 118500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 110500...(600)......5.5
Total secured & HP debts...... 110500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC...........................10500.....147.......0
HFC............................3700......68........0
MSDW...........................2400......120.......19
n rock.........................24000.....130.......5.5
Co-operative...................12000.....140.......19
GUS............................600.......18........0
Total unsecured debts..........53200.....623.......-

Monthly Budget Summary
Total monthly income.................... 1,850
Expenses (including HP & secured debts). 1,508
Available for debt repayments........... 342
Monthly UNsecured debt repayments....... 623
Amount short for making debt repayments. -281
Personal Balance Sheet Summary
Total assets (things you own)........... 118,500
Total HP & Secured debt................. -110,500
Total Unsecured debt.................... -53,200
Net Assets.............................. -45,200
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

fiveyearplan

embrace1204 wrote: »

Can someone please let me know if this SOA is acceptable? Is there anything I've forgotten? Thanks

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1850
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1850
Monthly Expense Details
Mortgage................................ 600
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 60
Gas..................................... 30
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 12
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15 Add this to phone
Groceries etc. ......................... 180 200
Clothing................................ 25
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 30 this may get lowered but leave as is
Buildings insurance..................... 18
Contents insurance...................... 10
Life assurance ......................... 52 OR mayy have an interest in this
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 not allowed
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 1508

Assets
Cash.................................... 0
House value (Gross)..................... 118500
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 118500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 110500...(600)......5.5
Total secured & HP debts...... 110500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC...........................10500.....147.......0
HFC............................3700......68........0
MSDW...........................2400......120.......19
n rock.........................24000.....130.......5.5
Co-operative...................12000.....140.......19
GUS............................600.......18........0
Total unsecured debts..........53200.....623.......-

Monthly Budget Summary
Total monthly income.................... 1,850
Expenses (including HP & secured debts). 1,508
Available for debt repayments........... 342
Monthly UNsecured debt repayments....... 623
Amount short for making debt repayments. -281
Personal Balance Sheet Summary
Total assets (things you own)........... 118,500
Total HP & Secured debt................. -110,500
Total Unsecured debt.................... -53,200
Net Assets.............................. -45,200
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Why do you have rent and mortgage?

embrace1204

Because the mortgaged house is in mine and my ex fiance's name, he did a runner after I moved out and no longer pays towards the mortgage so I've been paying all of it for the last year, it's been on the market for 2.5 years now, I want to get rid of it as I don't want a financial tie with him anymore. I'm now living 165 miles away from the house and getting married in a month, and pay my h2b rent etc. The life assurance would go with the house anyway as it's all attached so the OR can have it! lol

fiveyearplan

Is the house in negative equity? If you go BR the mortgage will be included so you take that and expense associated with it off your SOA as you will no longer be paying them.

If its been on the market so long is it priced correctly? How much do you owe on it and what is the current valuation?

embrace1204

It's all in the SOA. There's £110,500 outstanding on mortgage (excluding ERP's), and it's current value is £118,500. Yeh it's priced correctly, it's had offers and fallen through 3 times, it's also priced at the 1st time buyer market which is probably the worst hit market for mortgages etc at the moment. T

fiveyearplan

Have you spoken to one of the debt charities? Have you thought of renting out the house? How much is the ERP and when does it expire?

embrace1204

I've spoken to the debt charities yes. It's rented out but the rent doesn't cover the mortgage and i'm really struggling, the SOA above is based on my income increasing if I get a new job, the current SOA is too frightening to post. The ERP expires in October and is £3500. I'm trying to avoid br but at the same time I need to get his name off the mortgage and there's no way NR will let me have it in my own name as i've tried twice before. I can only see repo followed by BR as my options???

embrace1204

Also, the tenant is leaving the house next month and as of yet I don't have a new tenant due to needing to find £4k to put new storage heaters in etc

fiveyearplan

You need to make a current SOA as the one you have now, if you put down the rent you receive, is showing that if you aren't insolvent. You need to put everything on it as it is now.

If you are living with b/f you need to include him on the SOA and his contribution (not his whole income), so you put down all the bills in full not just your half of them.

embrace1204

fiveyearplan wrote: »

You need to make a current SOA as the one you have now, if you put down the rent you receive, is showing that if you aren't insolvent. You need to put everything on it as it is now.

If you are living with b/f you need to include him on the SOA and his contribution (not his whole income), so you put down all the bills in full not just your half of them.

Sorry can you clarify the bit about including b/f on SOA? If it's a personal br why does he need to go on it? I don't want this affecting him especially as it's down to my ex that I'm in this situation.

philnicandamy

embrace1204 wrote: »

Sorry can you clarify the bit about including b/f on SOA? If it's a personal br why does he need to go on it? he isnt....BUT the OR's like to see what % of the bills your BF helps with (his contributions) I don't want this affecting him especially as it's down to my ex that I'm in this situation.

Hope that helps